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Traders at one of London’s oldest markets are blaming the gentrification of their neighbourhood for a massive fall in customers.

Businesses in East Street market in Southwark, which has been open since 1880, claim they have lost up to 80 per cent of their trade.

They point to the redevelopment of the Heygate estate in Elephant and Castle and the Aylesbury Estate in Walworth, which will rehouse a combined total of 10,500 people. Graham Cooper, 63, who sells greeting cards at East Street and is chair of the Southwark Association of Street Traders, said that in the past 12 years, the number of stalls had been reduced from 850 to 130.

“I’ve been a trader here since I was a little boy — this stall was first run by my great-grandfather, so I’m the fourth generation now and I don’t want to see it fold.

“I’ve noticed over the years the customers have dwindled and dwindled, and I don’t know what will happen to East Street market if it keeps on like this. The council is decanting all the housing tenants and we’ve lost thousands of people from our customer base all along the Walworth Road. It’s getting desperate for our businesses now.”

Together with the campaign group Walworth Town Team, the Southwark Association of Street Traders approached Southwark council with a deputation for a two-year interim plan to protect businesses. It includes suggestions for a slower transition into the new development, a bigger push for tourism and a reduction in daily parking charges.

Patrick Blunt, chair of Walworth Town Team, said: “Heygate won’t be finished until 2026 and Aylesbury until 2025 so there’s going to be a huge discrepancy between now and then in the number of people that are coming here to shop.

Southwark councillor Victoria Mills said: “Over time there will be many more people living in the area and this will bring huge opportunities for traders. We see the Walworth Road remaining a key shopping area.”